Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) has announced a non-brokered private placement of up to 10,000,000 units at a price of $0.15 per unit for gross proceeds of up to $1,500,000.
The company said the proceeds of the financing will be used for the funding of an exploration program the Champagne Gold Project in Idaho, USA, and for general working capital purposes.
Each unit in the placement will consist of one common share and one non-transferable purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.25 for a period of 48 months from the date of issue and will be subject to an acceleration clause whereby the company may force exercise of the warrant any time before the end of the 48-month period if the Idaho Champion share price trades over $0.40 per share for 20 consecutive days.
READ: Idaho Champion Gold Mines Canada kicks off 2021 fieldwork at Champagne project in Idaho
The financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.
The company may pay finders' fees consisting of 8% cash and 8% non-transferable warrants in connection with the financing, subject to compliance with the policy of the Canadian Securities Exchange. Completion of the private placement and payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including approval of the CSE.
Idaho Champion is a discovery-focused gold exploration company that is committed to advancing its 100%-owned highly prospective mineral properties located in Idaho, United States. The company is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt.
Contact the author at jon.hopkins@proactiveinvestors.com